A Basic Income on the Blockchain. Circles is an electronic cryptocurrency with the aim to create and distribute a globally accessible Universal Basic Income.
In traditional debt-based currencies one sells goods, borrows money, or invests working power to receive money. With Circles, one receives money unconditionally to engage with their community, creating value through offering goods or services.
A worldwide basic income is something so powerful that no single entity should have control over the money or its recipients. Using blockchain technology, Circles will be independent of any central issuing authority or institution.
Circles runs on the blockchain, a secure, decentralised, autonomously managed database. Since the system's money emerges from a network of peer-to-peer relationships, it maintains stability on a local level, regardless of the national or global scale.
Circles promotes cooperation and economic interaction by creating local trade networks. The more connected community members are to each other, the more valuable their network becomes.
Circles has an inbuilt inflation target of 5% per annum to discourage hoarding. This also increases the velocity of money in circulation, creating more opportunities for exchange and economic activity.
Seigniorage is the profit made from the difference between the production costs and the value of money. As Circles is a credit-based currency that costs little to create, you retain most of this value as first spender.
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